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SB-1425 Complements Arizona's Equity Crowdfunding Law

Posted By Ashley Vizzerra, Arizona Small Business Association, Thursday, February 18, 2016

ARIZONA SMALL BUSINESS ASSOCIATION

FOR IMMEDIATE RELEASE

Thursday, February 18, 2016

 

Contact: Ashley Vizzerra

Communications Coordinator

(602) 306-4000

avizzerra@asba.com

 

 

SB-1425 Complements Arizona’s Equity Crowdfunding Law

 

Phoenix, AZ – The Arizona Small Business Association (ASBA) is spearheading the effort to pass legislation complementing last year’s intrastate crowdfunding legislation.  Currently allowed in 28 other states, the Reg D 504 exemption will allow businesses to raise up to $1 million without going through the Securities Exchange Commission.  This bill differs from the current crowdfunding law in that it will allow for investors beyond Arizona residents to participate.

 

This crowdfunding initiative is an important aspect of Arizona’s economic development as it allows for businesses to fund expansion through non-traditional means, thus creating more jobs.  Sponsored by Senator David Farnsworth, SB-1425 Securities; registration exemptions, would bring opportunity to businesses in Arizona because it allows an infinite number of unaccredited investors to partake in investing, there is no limit to the amount invested, investors do not have to reside in Arizona, offerings can be debt or equity, and all investments can be made tradable so as to provide liquidity to the investors.  Additionally, there is no requirement that the issuer registers securities with the SEC, but simply notifies them and the AZ Corporation Commission of the transaction.    

 

“With the success of the Arizona Crowdfunding Law, this legislation would be right in line with what we are trying to do here for Arizona businesses,” states ASBA CEO, Rick Murray.  “Getting this on the books would help to make Arizona look even more attractive to the underwriting community, thus increasing business being conducted here in our state.”

 

The overall benefit of the bill is that it provides the issuer of the security another choice for assistance in business development that will be extremely simple.  Since the Arizona Crowdfunding Law went live this past July, positive strides are being made to further the economic development of not only businesses in Arizona, but Arizona as a whole.  We can expect to see great progress in business investing should this legislation be passed.  

Tags:  crowdfunding  finance  public policy 

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